Audio company Dolby Laboratories said on Tuesday that it had purchased naming rights for the 3,400-seat theater that up until this year had carried the name of iconic film company, Kodak. CIM Group, which owns the theater and adjacent hotel and shopping complex, said Dolby had signed a contract that would be good through 2033.

"The Academy's Board of Governors believes that the home for our awards is in Hollywood," Academy President Tom Sherak said in a statement. CIM group said it had signed a 20-year contract with the Academy of Motion Picture Arts and Sciences to keep the Oscars at the theater.

The theater carried Kodak's name from 2001 when it opened. Eastman Kodak Co withdrew from naming rights after filing for bankruptcy protection last January.

Financial terms for the deal with Dolby were not disclosed. Kodak had agreed to pay $75 million to CIM over some 20 years to have its name on the theater.

The annual Oscar broadcast is the year's second most-watched event on television behind football's Super Bowl. This year's telecast was viewed by 39 million people.

(Reporting By Lisa Richwine)

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